Tuesday, July 07, 2009
Apparently no one told lawyers and CFOs that sneaking filings into the Securities and Exchange Commission under the wire on a Fourth of July weekend is the same as dropping a press release late Friday night. The blogger who caught this thinks it might be a one-time aberration, but I bet that it isn't. In any event, it doesn't work because all filings are public and sooner or later, someone will read them. It is not like the news business where masses of press releases are dumped daily with little attention being paid to them. Still, waiting to the last minute to file doesn't say much for the transparency of the companies involved.